Overseas Chinese Equities, Aequitas Research

Ming Lu

A veteran with 19-year experience in equity research.

Geographical coverage:
* Companies operating in China, but listed in Hong Kong and the U.S.
* Previously China A-share (listed in mainland China).

Equity sector coverage:
* Chinese App / Internet-based consumption in China, e.g., Alibaba, Tencent, etc.
* Previously covered education, transportation, telecom, power, bank, advertisement, hotel, etc.

Research methods:
* Generally bottom-up.
* Talk to related people on the ground.  Talk to readers and independent writers for analyzing a news portal.  Talk to parents and teachers for analyzing a tutoring school. 
* Visit stores and show photos as evidence in notes.
* Do technical analysis when finding a short-seller attacking an equity.

Languages:
* English
* Mandarin Chinese (Official language of China)
* Shanghainese (Language of Shanghai, the most developed city in China)
* Cantonese (Language of Hong Kong and Canton Province, one of the most developed provinces in China)

Overseas Chinese Equities

Alibaba (BABA): Overly Impacted, Accumulate Before 3Q22 Result

Alibaba (BABA): 3Q22, Transforming Missions Going Under Slow Quarter

Alibaba (BABA): Shanghai and Its E-Commerce Under Lockdown

Pinduoduo (PDD): 3Q21, Market Hates Low Growth, But We Love Profit

Alibaba (BABA): 2Q22, Revenue Growth Higher than Our Estimate, But Margin Lower than Our Estimate

JD.com (JD): 3Q21, Strong Growth and Significant Upside

Gravity Works As WeWork Doesn't; Now Plan B

Bifurcated Chinese Express Market Developing

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Market Research expects that e-commerce will grow 15% and 13% in following two years.</li>
<li>Big platforms, such as Alibaba and JD.com will still have advantage in the growth.</li>
<li>The risk is that consumers care significantly more about product brand than platform reputation.</li>
</ul>


Market Research expects that e-commerce will grow 15% and 13% in following two years.
Big platforms, such as Alibaba and JD.com will still have advantage in the growth.
The risk is that consumers care significantly more about product brand than platform reputation.


Alibaba (BABA): Don’t Be Pessimistic About E-Commerce, Especially Big Platforms